Semester Project

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 Semester Project

General Information:

1) Name of the business/firm: Paper Street

2) Nature of business: Retail

3) Brief description of the Business: Stationery company which sells products to the customers directly.

4) Accounting period: January - March

5) Accounting Cycle Closing Date and Time: March 31

Group Members :

Mazahir Hussain 23K-5527

Quratulain 23K-5559
Zun Norain 23K-5506
Abdul Rahim 23K-5554
 General Journal

Date Particulars Debit

1 1-Jan Cash $100,000
Owner's Capital

2 1-Jan Office Supplies $5,000

Cash

3 3-Jan Used Trucks $10,000

Cash
Accounts Payable (Ashir Enterprises)

4 3-Jan Office equipment $5,000

Cash

5 5-Jan Computers $2,200

Accounts Payable (Digital Equipment)

6 5-Jan Printer equipment $1,000

Cash

7 5-Jan Stationery Inventory $20,000

Cash
Accounts Payable (Rahim Enterprises)

10 7-Jan Office space $25,000

Cash
Accounts Payable (Hassan Real Estate)

11 8-Jan Cash $30,000

Notes Payable

12 10-Jan Cash $3,500

Sales

13 12-Jan Computer software $1,000

Cash

14 12-Jan Business Licensing and legal fees $1,500

Cash

15 14-Jan Cash $5,000

Sales
16 15-Jan Accounts receivable (Ali Enterprises) $4,500
Sales

17 20-Jan Office Cleaning Expense $120

Cash

18 21-Jan Cash $50

Office supplies

19 23-Jan Accounts Payable (Rahim Enterprises) $2,000

Stationery Inventory Returns

20 24-Jan Internet and Phone Service Expense $700

Cash

21 24-Jan Utilities Expense $1,200

Cash

22 25-Jan Accounts receivable (Ali Enterprises) $5,000

Sales

23 25-Jan Office Supplies $1,500

Accounts payable (Taha Enterprises)

24 26-Jan Office supplies $1,500

Accounts payable (Taha Enterprises)

25 28-Jan Salaries expense $3,500

cash

26 1-Feb Cash $1,800

Accounts receivable (Ali Enterprises)

27 3-Feb Drawings $2,500

Cash

28 5-Feb Cash $2,500

Sales

29 8-Feb Accounts Payable (Ashir Enterprises) $7,000

Cash

30 10-Feb Cash $1,000

Accounts receivable (Ali Enterprises)
31 12-Feb Stationery Inventory $12,000
Cash

32 15-Feb Accounts Payable (Rahim Enterprises) $7,500

Cash

33 18-Feb Accounts receivable (Ali Enterprises) $3,500

Sales

34 20-Feb Sale Returns $800

Accounts receivable (Ali Enterprises)

35 22-Feb Accounts Payable (Digital Equipment) $1,200

Cash

36 24-Feb Cash $1,500

Accounts receivable (Ali Enterprises)

37 25-Feb Prepaid Insurance $2,500

Cash

38 25-Feb Depreciation Expense - Office Supplies $250

Accumulated Depreciation - Office Supplies

39 26-Feb Cash $3,000

Sales

40 26-Feb Cash $7,000

Sales

41 27-Feb Damaged Inventory Expense $800

Stationery Inventory

42 27-Feb Income Tax Expense $600

Cash

43 27-Feb Internet and Phone Service Expense $700

Cash

44 27-Feb Miscellaenous expense $800

Cash

45 28-Feb Utilities Expense $1,200

Cash
46 28-Feb Office Cleaning Expense $120
Cash

47 28-Feb Accounts Payable (Rahim Enterprises) $800

Stationery Inventory returns

48 28-Feb Salaries Expense $3,500

Cash

49 28-Feb Interest Expense $300

Cash

50 28-Feb Accounts receivable (Ali Enterprises) $5,000

Sales

51 28-Feb Software Expense $800

Cash

52 28-Feb Stationery Inventory $15,000

Cash
32 Accounts Payable (Rahim Enterprises)

53 28-Feb Rent Expense $200

Cash

54 1-Mar Cash $30,000

Owner's Capital

56 5-Mar Accounts Payable (Rahim Enterprises) $500

Stationery Inventory Returns

57 5-Mar Utilities Expense 150

Accounts Payable (Utility Bill)

58 6-Mar Accounts receivable (Ali Enterprises) $5,000

Sales

59 7-Mar Office Supplies $1,000

Cash

60 8-Mar Accounts Payable (Taha Enterprises) $50

Discount Recieved

61 8-Mar Frieght In Expense $30

 Cash

62 9-Mar Printer $700

Cash

63 11-Mar Computer Equipment $1,000

Accounts Payable (Digital Equipment)

64 13-Mar Cash $2,500

Accounts receivable (Ali Enterprises)

65 13-Mar Miscellaenous expense $80

Cash

66 14-Mar Cash $600

Office Equipment

67 15-Mar Cash $2,000

Notes Payable

68 16-Mar Repair and Maintainance of Office Equipment $50

Cash

69 17-Mar Cash $3,500

Sales

70 19-Mar Damaged Inventory Expense $400

Stationery Inventory

71 20-Mar Accounts Payable (Taha Enterprises) $2,500

Cash

72 20-Mar Drawings $5,000

Cash

73 20-Mar Cash $300

Accounts receivable (Ali Enterprises)

74 20-Mar Accounts Payable (Hassan Real Estate) $10,000

Cash

75 20-Mar Cash $8,000

Sales

76 21-Mar Cash $3,500

 Accounts receivable (Ali Enterprises)

77 21-Mar Cash $1,200

Sales

78 21-Mar Cash $300

Accounts receivable (Ali Enterprises)

79 22-Mar Accounts Payable (Rahim Enterprises) $2,000

Stationery Inventory Returns

80 22-Mar Cash $1,200

Unearned Revenue (Muzammil Enterprises)

81 24-Mar Income Tax expense $600

Cash

82 24-Mar Internet and Phone Service Expense $700

Cash

83 24-Mar Miscellaenous expense $800

Cash

84 24-Mar Utilities Expense $1,200

Cash

85 24-Mar Office Cleaning Expense $120

Cash

86 24-Mar Salaries Expense $3,500

Cash

87 24-Mar Interest Expense $300

Cash

88 26-Mar Office Furniture Repair Expense $300

Cash

89 26-Mar Security system $2,500

Cash

90 26-Mar Damaged Inventory Expense $400

Stationery Inventory

91 26-Mar Utilities Expense $150

 Cash

92 26-Mar Salaries Expense $2,000

Cash

93 26-Mar Cash $4,000

Sales

94 27-Mar Stationery Inventory $12,000

Cash

95 27-Mar Depreciation Expense - Office Supplies $250

Accumulated depreciation - Office Supplies

96 27-Mar Depreciation Expense - Office Space $400

Accumulated depreciation - Office Space

97 28-Mar Accounts Payable (Digital Equipment) $2,000

Cash

98 28-Mar Cash $2,800

Sales

99 29-Mar Accounts receivable (Ali Enterprises) $3,500

Sales

100 30-Mar Accounts Payable (Rahim Enterprises) $1,200

Stationery inventory Returns
Credit

$100,000

$5,000

$3,000.00
$7,000

5000

$2,200

$1,000

$10,000
$10,000

$10,000
$15,000

$30,000

$3,500

$1,000

$1,500

$5,000
$4,500

$120

$50

$2,000

$700

$1,200

$5,000

$1,500

$1,500

$3,500

$1,800

$2,500

$2,500

$7,000

$1,000
$12,000

$7,500

$3,500

$800

$1,200

$1,500

$2,500

$250

$3,000

$7,000

$800

$600

$700

$800

$1,200
 $120

$800

$3,500

$300

$5,000

$800

$8,000
$7,000

$200

$30,000

$500

$150

$5,000

$1,000

$50
 $30

$700

$1,000

$2,500

$80

$600

$2,000

$50

$3,500

$400

$2,500

$5,000

$300

$10,000

$8,000
$3,500

$1,200

$300

$2,000

$1,200

$600

$700

$800

$1,200

$120

$3,500

$300

$300

$2,500

$400
 $150

$2,000

$4,000

$12,000

$250

$400

$2,000

$2,800

$3,500

$1,200
 General ledgers
Cash
Date Explanations Debit Credit
1-Jan $100,000
1-Jan $5,000
3-Jan $3,000.00
3-Jan 5000
5-Jan $1,000
5-Jan $10,000
7-Jan $10,000
8-Jan $30,000
10-Jan $3,500
12-Jan $1,000
12-Jan $1,500
14-Jan $5,000
20-Jan $120
21-Jan $50
24-Jan $700
24-Jan $1,200
28-Jan $3,500
1-Feb $1,800
3-Feb $2,500
5-Feb $2,500
8-Feb $7,000
10-Feb $1,000
12-Feb $12,000
15-Feb $7,500
22-Feb $1,200
24-Feb $1,500
25-Feb $2,500
26-Feb $3,000
26-Feb $7,000
27-Feb $600
27-Feb $700
27-Feb $800
28-Feb $1,200
28-Feb $120
28-Feb $3,500
28-Feb $300
28-Feb $800
28-Feb $8,000
28-Feb $200
1-Mar $30,000
 7-Mar $1,000
8-Mar $30
9-Mar $700
13-Mar $2,500
13-Mar $80
14-Mar $600
15-Mar $2,000
16-Mar $50
17-Mar $3,500
20-Mar $2,500
20-Mar $5,000
20-Mar $300
20-Mar $10,000
20-Mar $8,000
21-Mar $3,500
21-Mar $1,200
21-Mar $300
22-Mar $1,200
24-Mar $600
24-Mar $700
24-Mar $800
24-Mar $1,200
24-Mar $120
24-Mar $3,500
24-Mar $300
26-Mar $300
26-Mar $2,500
26-Mar $150
26-Mar $2,000
26-Mar $4,000
27-Mar $12,000
28-Mar $2,000
28-Mar $2,800

2 Office Supplies
Date Explanations Debit Credit
1-Jan $5,000
21-Jan $50
25-Jan $1,500
26-Jan $1,500
27-Jan $1,000

3 Used Trucks
Date Explanations Debit Credit
3-Jan 10,000
 4 Accounts Payable (Ashir Enterprises)
Date Explanations Debit Credit
3-Jan $7,000
8-Feb $7,000

5 Printer Equipment
Date Explanations Debit Credit
5-Jan $1,000

6 Stationery Inventory
Date Explanations Debit Credit
5-Jan $20,000
12-Feb $12,000
27-Feb $800
28-Feb $15,000
19-Mar $400
26-Mar $400
27-Mar $12,000

7 Account Payable (Utility Bill)

Date Explanations Debit Credit
5-Mar $150

8 Accounts Payable (Hassan Real Estate)

Date Explanations Debit Credit
7-Jan $15,000
20-Mar $10,000

9 Office Space
Date Explanations Debit Credit
7-Jan $25,000

10 Sales
Date Explanations Debit Credit
10-Jan $3,500
14-Jan $5,000
15-Jan $4,500
25-Jan $5,000
5-Feb $2,500
 18-Feb $3,500
26-Feb $3,000
26-Feb $7,000
28-Feb $5,000
6-Mar $5,000
17-Mar $3,500
20-Mar $8,000
21-Mar $1,200
26-Mar $4,000
28-Mar 2800
29-Mar 3500

11 Owner's Equity
Date Explanations Debit Credit
1-Jan $100,000
1-Mar $30,000

12 Office Equipment
Date Explanations Debit Credit
3-Jan $5,000
600

13 Accumulated depreciation - Office Space

Date Explanations Debit Credit
27-Mar $400

14 Stationery Inventory Returns

Date Explanations Debit Credit
23-Jan $2,000
28-Feb $800
5-Mar $500
22-Mar $2,000
30-Mar $1,200

15 Accounts Payable (Taha Enterprises)

Date Explanations Debit Credit
25-Jan $1,500
26-Jan $1,500
8-Mar $50
20-Mar $2,500
16 Accounts Recievable (Ali Enterprises)
Date Explanations Debit Credit
15-Jan $4,500
25-Jan $5,000
1-Feb $1,800
10-Feb $1,000
18-Feb $3,500
10-Feb $800
24-Feb $1,500
28-Feb $5,000
6-Mar $5,000
13-Mar $2,500
20-Mar $300
21-Mar $3,500
21-Mar $300
29-Mar $3,500

17 Accounts Payable (Rahim Enterprises)

Date Explanations Debit Credit
5-Jan $10,000
23-Jan $2,000
15-Feb $7,500
28-Feb $800
28-Feb $7,000
5-Mar $500
22-Mar $2,000
30-Mar $1,200

18 Computer
Date Explanations Debit Credit
5-Jan $2,200

19 Accounts Payable (Digital Equipment)

Date Explanations Debit Credit
5-Jan $2,200
22-Feb $1,200
11-Mar $1,000
28-Mar $2,000

20 Accumulated Depreciation - Office Supplies

Date Explanations Debit Credit
25-Feb $250
27-Mar $250
21 Business Licensing and legal fees
Date Explanations Debit Credit
12-Jan $1,500

22 Computer Equipment
Date Explanations Debit Credit
11-Mar $1,000

23 Computer software
Date Explanations Debit Credit
12-Jan $1,000

24 Damaged Inventory expense

Date Explanations Debit Credit
27-Feb $800
19-Mar $400
26-Mar $400

25 Depreciation Expense - Office Space

Date Explanations Debit Credit
27-Mar $400

26 Depreciation Expense - Office Supplies

Date Explanations Debit Credit
25-Feb $250
27-Mar $250

27 Discount Recieved
Date Explanations Debit Credit
8-Mar $50

28 Internet and Phone Service Expense

Date Explanations Debit Credit
24-Jan $700
24-Mar $700
27-Feb $700

29 Miscellaenous expense
 Date Explanations Debit Credit
27-Feb $800
13-Mar $80
24-Mar $800

30 Notes Payable
Date Explanations Debit Credit
8-Jan $30,000
15-Mar $2,000

31 Office Cleaning Expense

Date Explanations Debit Credit
20-Jan $120
28-Feb $120
24-Mar $120

32 Office Furniture Repair Expense

Date Explanations Debit Credit
26-Mar $300

33 Drawings
Date Explanations Debit Credit
3-Feb $2,500
20-Mar 5000

34 Frieght In Expense
Date Explanations Debit Credit
8-Mar $30

35 Income Tax Expense

Date Explanations Debit Credit
27-Feb $600
24-Mar $600

36 Interest Expense
Date Explanations Debit Credit
28-Feb $300
24-Mar $300

37 Utilities Expense
Date Explanations Debit Credit
24-Jan $1,200
 28-Feb $1,200
5-Mar 150
24-Mar $1,200
26-Mar $150

38 Sale Returns
Date Explanations Debit Credit
20-Feb $800

39 Security system
Date Explanations Debit Credit
26-Mar $2,500

40 Software Expense
Date Explanations Debit Credit
28-Feb $800

41 Prepaid Insurance
Date Explanations Debit Credit
25-Feb $2,500

42 Printer
Date Explanations Debit Credit
9-Mar $700

43 Rent Expense
Date Explanations Debit Credit
28-Feb $200

44 Repair and Maintainance of Office Equipment

Date Explanations Debit Credit
16-Mar $50

44 Salaries expense
Date Explanations Debit Credit
28-Jan $3,500
28-Feb $3,500
24-Mar $3,500
 26-Mar $2,000

45 Unearned Revenue (Muzammil Enterprises)

Date Explanations Debit Credit
22-Mar $1,200
 Balance
$100,000
$95,000
$92,000
$87,000
$86,000
$76,000
$66,000
$96,000
$99,500
$98,500
$97,000
$102,000
$101,880
$101,930
$101,230
$100,030
$96,530
$98,330
$95,830
$98,330
$91,330
$92,330
$80,330
$72,830
$71,630
$73,130
$70,630
$73,630
$80,630
$80,030
$79,330
$78,530
$77,330
$77,210
$73,710
$73,410
$72,610
$64,610
$64,410
$94,410
 $93,410
$93,380
$92,680
$95,180
$95,100
$95,700
$97,700
$97,650
$101,150
$98,650
$93,650
$93,950
$83,950
$91,950
$95,450
$96,650
$96,950
$98,150
$97,550
$96,850
$96,050
$94,850
$94,730
$91,230
$90,930
$90,630
$88,130
$87,980
$85,980
$89,980
$77,980
$75,980
$78,780

Balance
$5,000
$4,950
$6,450
$7,950
$8,950

Balance
10,000
 $10,000

Balance
$7,000
$0
$0

Balance
$1,000
$1,000

Balance
20,000
32,000
31,200
46200
45800
45400
57400

Balance
150

Balance
$15,000
$5,000
$5,000

Balance
$25,000
$25,000

Balance
$3,500
$8,500
$13,000
$18,000
$20,500
 $24,000
$27,000
$34,000
$39,000
$44,000
$47,500
$55,500
$56,700
$60,700
$63,500
$67,000

Balance
100000
$30,000
130,000

Balance
$5,000
$4,400

Balance
$400
$400

Balance
$2,000
$2,800
$3,300
$5,300
$6,500

Balance
1500
3000
2950
450
450
Balance
4500
9500
7700
6700
10200
9400
7900
12900
17900
15400
15100
11600
11300
14800

Balance
10000
8000
500
-300
6700
6200
4200
3000

Balance
$2,200
$2,200

Balance
$2,200
$1,000
$2,000
0

Balance
$250
$500
 $500

Balance
$1,500
$1,500

Balance
$1,000
$1,000

Balance
$1,000
$1,000

Balance
$800
$1,200
$1,600

Balance
$400
$400

Balance
250
500

Balance
$50
$50

Balance
$700
$1,400
$2,100
Balance
$800
880
$1,680

Balance
$30,000
$32,000

Balance
$120
240
$360

Balance
$300
$300

Balance
$2,500
$7,500
$7,500

Balance
$30
$30

Balance
$600
$1,200

Balance
$300
$600

Balance
1200
 $2,400
$2,550
$3,750
$3,900

Balance
$800
$800

Balance
$2,500
$2,500

Balance
800

Balance
$2,500
$2,500

Balance
$700
$700

Balance
$200
$200

Balance
$50
$50

Balance
$3,500
$7,000
10,500
 12,500

Balance
$1,200
$1,200
 Trial Balance

Paper Street
Trial Balance
For 3 Months Ending 30 March
Particulars Debit Credit

Cash 78780
Office supplies 8950
Accumulated depreciation (office supplies) 500
Printer Equipment 1000
Stationery inventory (Purchases) 57400
Office Equipment 4400
Account Receivable (Ali Enterprises) 14800
Used trucks 10000
Computer 2200
Security system 2500
Printer 700
Computer Software 1000
Office space 25000
Accumulated depreciation (office space) 400
Prepaid insurance 2500
Computer Equipment 1000
Notes payable 32000
Accounts payable( hassan real estate) 5000
Accounts payable (rahim enterprise) 3000
Accounts payable (taha enterprise) 450
Accounts payable ( utility bill) 150
unearned revenue (muzammil enterprises) 1200
Drawings 7500
Owners equity 130000
Sales 67000
Stationary Inventory Return 6500
Business Liscensing and Legal Fees 1500
Damaged inventory expense 1600
Office Furniture Repir Expense 300
Freight In Expense 30
Income Tax Expense 1200
Interest Expense 600
Utilities Expense 3900
Software Expense 800
Salaries Expense 12500
Rent Expense 200
Internet and Phone Service Expense 2100
Miscellaneous Expense 1680
Office Cleaning Expense 360
Sale Returns 800
Discount Received 50
Repair and Maintainence Office Equipment 50
Depreciation Expense - Office Space 400
Depreciation Expense - Office Supplies 500

246250 246250
 Adjusted Journal Entries

Date Particulars Debit Credit

30-Mar Insurance Expense $800
Prepaid Insurance $800

30-Mar Unearned Revenue (Muzammil Enterprises) $1,200

Sales $1,200

30-Mar Accounts Recievables (Ali Enterprises) $500

Sales $500.00

30-Mar Office Supplies Expense $4,950

Office Supplies 4950

30-Mar Depreciation Expense - Computers 150

Accumulated depreciation - Computers 150

30-Mar Salaries Expense 1500

Salaries Payable 1500
 Adjusting General Ledgers

Accumulated Depreciation - Computers

Date Explaination Debit Credit Balance
30-Mar $150 $150
$150

Office Supplies Expense

Date Explaination Debit Credit Balance
30-Mar $4,950 $4,950
$4,950

Depreciation Expense - Computers

Date Explaination Debit Credit Balance
30-Mar $150 $150
$150

Insurance Expense
Date Explaination Debit Credit Balance
30-Mar $800 $800
$800

Prepaid Insurance
Date Explaination Debit Credit Balance
25-Feb $2,500 $2,500
30-Mar 800 $1,700
$1,700

Unearned Revenue (Muzammil Enterprises)

Date Explaination Debit Credit Balance
30-Mar 1200 $1,200
1200 $0
$0

Office Supplies
Date Explanations Debit Credit Balance
1-Jan $5,000 $5,000
21-Jan $50 $4,950
25-Jan $1,500 $6,450
26-Jan $1,500 $7,950
27-Jan $1,000 $8,950
30-Mar $4,950 $4,000
 $4,000

Salaries expense
Date Explanations Debit Credit Balance
28-Jan $3,500 $3,500
28-Feb $3,500 $7,000
24-Mar $3,500 10,500
26-Mar $2,000 12,500
30-Mar 1500 14,000
$14,000

Salaries Payable
Date Explaination Debit Credit Balance
30-Mar 1500 $1,500
$1,500

Accounts Recievable (Ali Enterprises)

Date Explanations Debit Credit Balance
15-Jan $4,500 4500
25-Jan $5,000 9500
1-Feb $1,800 7700
10-Feb $1,000 6700
18-Feb $3,500 10200
10-Feb $800 9400
24-Feb $1,500 7900
28-Feb $5,000 12900
6-Mar $5,000 17900
13-Mar $2,500 15400
20-Mar $300 15100
21-Mar $3,500 11600
21-Mar $300 11300
29-Mar $3,500 14800
30-Mar 500 $15,300
$15,300

Sales
Date Explanations Debit Credit Balance
10-Jan $3,500 $3,500
14-Jan $5,000 $8,500
15-Jan $4,500 $13,000
25-Jan $5,000 $18,000
5-Feb $2,500 $20,500
18-Feb $3,500 $24,000
 26-Feb $3,000 $27,000
26-Feb $7,000 $34,000
28-Feb $5,000 $39,000
6-Mar $5,000 $44,000
17-Mar $3,500 $47,500
20-Mar $8,000 $55,500
21-Mar $1,200 $56,700
26-Mar $4,000 $60,700
28-Mar $2,800 $63,500
29-Mar $3,500 $67,000
30-Mar $1,200 $68,200
30-Mar $500 $68,700
$68,700
 Adjusted Trial balance

Paper Street
Adjusted Trial Balance
As on March 31
Accounts Debit Credit
Cash 78780
Office Supplies 4000
Accumulated depreciation (office supplies) 500
Printer Equipment 1000
Stationery inventory (Purchased) 57400
Office equipment 4400
Account Receivable (Ali Enterprises) 15300
Used trucks 10000
Computer 2200
Security system 2500
Printer 700
Computer Software 1000
Office space 25000
Accumulated Depreciation (Office Space) 400
Prepaid insurance 1700
Computer Equipment 1000
Notes payable 32000
Accounts Payable( hassan real estate) 5000
Accounts Payable (rahim enterprise) 3000
Accounts Payable (taha enterprise) 450
Accounts Payable ( utility bill) 150
Unearned Revenue (muzammil enterprises) 0
Drawings 7500
Owner's Equity 130000
Sales 68700
Stationary inventory returns 6500
Business liscensing and legal fees 1500
Damaged inventory expense 1600
Office furniture repir expense 300
Freight in expense 30
Income tax expense 1200
Interest expense 600
Utilities expense 3900
Software expense 800
Salaries expense 14000
Rent expense 200
Internet and phone service expense 2100
Miscellaneous expense 1680
Office cleaning expense 360
Sales Return 800
Discount Recieved 50
Repair and Maintainence Office Equipment 50
Depreciation Expense - Office Space 400
Depreciation Expense - Office Supplies 500
Office Supplies Expense 4950
Accumulated depreciation - Computers 150
Depreciation Expense - Computers 150
Insurance Expense 800
Salaries Payable 1500

248400 248400
 Income Statement

Paper Street
Income Statement
For 3 - Months Ending March 31
$ $

Net Sales 68700

Less: Sales Returns -800 67900

Opening Inventory 0
Add: Purchases 57400
Add : Freight In Expense 30
Less : Purchases Return -6500
Less: Closing Inventory -28500
Cost Of Goods Sold 22430

Gross Profit 45470

Add: Other Incomes

Discount Recieved 50

Less: Other Expenses

Damaged inventory expense -1600
Office furniture repir expense -300
Income tax expense -1200
Interest expense -600
Utilities expense -3900
Software expense -800
Salaries expense -14000
Rent expense -200
Internet and phone service expense -2100
Miscellaneous expense -1680
Office cleaning expense -360
Depreciation Expense - Office Space -400
Depreciation Expense - Office Supplies -500
Office Supplies Expense -4950
Depreciation Expense - Computers -150
Insurance Expense -800
Business Legal and Licensing Fees -1500
Repair and Maintainence Office Equipment -50 -35090
Net Profit 10430
 Statement of Owner's Equity

Paper Street
Statement of Owner's Equity
For 3 - Months Ending March 31
$ $

Opening Capital $100,000

Add: Additional Investment $30,000
Add: Net Income $10,430 140430

Less: Drawings -7500

Owner's Equity at the end $132,930

 Balance Sheet

Paper Street
Balance Sheet
As at March 31
$ $

Current Assets
Cash 78780
Printer Equipment 1000
Office Equipment 4400
Account Receivable (Ali Enterprises) 15300
Computer Software 1000
Prepaid insurance 1700
Computer Equipment 1000
Closing Inventory 28500
Security System 2500
Printer 700
Total Current Assets 134880

Fixed Assets
Used Truck 10000
Computer 2200
Less: Accumulated Depreciation (Computers) -150 2050
Office Supplies 4000
Less: Accumulated Depreciation(Office Supplies) -500 3500
Office Space 25000
Less: Accumulated Depreciation (Office Space) -400 24600
Total Fixed Assets 40150

Total Assets 175030

Current Liabilities
Accounts Payable (Hassan Real Estate) 5000
Accounts Payable (Rahim Enterprise) 3000
Accounts Payable (Taha Enterprise) 450
Accounts Payable (Utility Bill) 150
Salaries Payable 1500
Total Current Liabilities 10100

Long-Term Liabilities
Notes Payable 32000
Total Liabilities 42100
Owner's Equity
Owner's Capital 132930

Total Liabilities and Owner's Equity 175030

 Closing Entries

Paper Street
Closing Entries
As on March 31
Date Particulars Debit
30-Mar Sales Revenue 68700
Discount Recieved 50
Income Summary

30-Mar Income Summary 58320

Sales Returns
Cost Of Goods Sold
Damaged Inventory Expense
Office Furniture Repir Expense
Income Tax Expense
Interest Expense
Utilities Expense
Software Expense
Salaries Expense
Rent Expense
Internet and Phone Service Expense
Miscellaneous Expense
Office Cleaning Expense
Depreciation Expense - Office Space
Depreciation Expense - Office Supplies
Office Supplies Expense
Depreciation Expense - Computers.
Insurance Expense
Business Legal and Licensing Fees
Repair and Maintainence Office Equipment

30-Mar Income Summary 10430

Owner's Equity

30-Mar Owner's Equity 7500

Drawings
 Post Closing Trial Balance

Paper Street
Post Closing Trial Balance
As on March 31
Credit Particulars

Cash
68750 Closing Inventory
Office Supplies
Accumulated depreciation (office supplies)
800 Printer Equipment
22430 Office equipment
1600 Account Receivable (Ali Enterprises)
300 Used trucks
1200 Computer
600 Accumulated depreciation - Computers
3900 Security system
800 Printer
14000 Computer Software
200 Office space
2100 Accumulated Depreciation (Office Space)
1680 Prepaid insurance
360 Computer Equipment
400 Notes payable
500 Accounts Payable( hassan real estate)
4950 Accounts Payable (rahim enterprise)
150 Accounts Payable (taha enterprise)
800 Accounts Payable ( utility bill)
1500 Salaries Payable
50 Owner's Equity

10430

7500
 Balance

t
Balance
31
Debit Credit

78780
28500
4000
500
1000
4400
15300
10000
2200
150
2500
700
1000
25000
400
1700
1000
32000
5000
3000
450
150
1500
132,930

176080 176080